Trxade Group, Inc. (OTCMKTS:TRXD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
Entry into a Material Definitive Agreement.
On July 1, 2017, Trxade Group, Inc. (the “Company” or “Trxade”) satisfied an outstanding promissory note, dated May 8, 2016, as amended, in the principal amount of $250,000 (the “NPR Note”), made by between the Company and NPR INVESTMENT GROUP, LLC (the “Lender”). The NPR Note included a personal guarantee from Suren Ajjarapu and Prashant Patel, who both serve on the Board of Directors of the Company and are controlling stockholders of the Company. Further, Mr. Ajjarapu is the CEO and President of the Company and Mr. Patel is Vice Chairman and Executive Director of Strategy.
In connection with the foregoing satisfaction of the NPR Note above, the Company entered into a promissory note agreement on July 1, 2017, whereby the Company borrowed $100,000 and $122,551.88 from Sansur Associates, LLC, a limited liability company controlled by Mr. Ajjarapu, and Mr. Patel, respectively (the “Promissory Notes”). The term of each of these Notes is three years and they each bear interest at 6%, which is payable annually.
The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Promissory Notes, which are filed as Exhibits 10.1 and 10.2 to this Current Report, each of which is incorporated into this Current Report by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit No.
Exhibit Description
10.1
Promissory Note with Sansur Associates, LLC
10.2
Promissory Note with Prashant Patel
TRXADE GROUP, INC. ExhibitEX-10.1 2 f8k070517_ex10z1.htm EXHIBIT 10.1 PROMISSORY NOTE WITH SANSUR ASSOCIATES Exhibit 10.1 Promissory Note with Sansur Associates PROMISSORY NOTE $100,…To view the full exhibit click here
About Trxade Group, Inc. (OTCMKTS:TRXD)
Trxade Group, Inc. (Trxade) designs, develops, owns and operates a business-to-business Web-based marketplace focused on the United States pharmaceutical industry. The Company’s products and services include Trxade.com, InventoryRx.com, Pharmabayonline and RxGuru. Its services are distributed through its online platform. As of December 31, 2015, its wholesale division distributed pharmaceuticals to independent pharmacies in 26 states through a third-party logistics company. The Company’s subsidiaries include Trxade, Inc. (Trxade Florida) and Pinnacle Tek, Inc. Trxade.com is a Web-based pharmaceutical marketplace engaged in promoting and enabling trade among independent pharmacies and pharmaceutical suppliers across the nation. InventoryRx.com is a Web-based pharmaceutical marketplace formed to promote and enable trade among suppliers, manufacturers and healthcare facilities across the nation.
